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Revenue tax on salmon farming in the Faroe Islands

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With reference to the press release 28 September 2022 from the Norwegian government regarding a proposal to introduce a resource tax on salmon and trout farming in Norway.

Bakkafrost is subject to tax in the countries where Bakkafrost operates. This does not include Norway.

Since 2014, the salmon farming industry in the Faroe Islands has been subject to a special revenue tax on the value of harvested fish calculated using actual salmon spot prices. The current tax rate is between 0.5% - 5% depending on the salmon spot price. The Faroese Government is currently working on a proposal to adjust the revenue tax to reflect the recently high salmon prices as well as the increasing production costs for the salmon industry. The proposal has not yet been presented to the Parliament for voting. Bakkafrost will send a press release to the market once the proposal has been presented to the Parliament.

Contacts:

  • Regin Jacobsen, CEO of P/F Bakkafrost: +298 23 50 01 (mobile)
  • Høgni Dahl Jakobsen, CFO of P/F Bakkafrost: +298 23 50 60 (mobile)

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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